Shanghai Fosun Pharmaceutical (Group) Co., Ltd (SHA: 600196, HKG: 2196) has disclosed plans to acquire the remaining 50% stake in its joint venture, Fosun Kite Biotechnology Co., Ltd, from Gilead’s subsidiary Kite Pharma for USD 27 million. This transaction will see Fosun Pharma assume full ownership of Fosun Kite, with intentions to further invest an additional USD 10 million or equivalent in cash to bolster the company’s capital.
Concurrently, the licensing agreement between Fosun Kite and Kite Pharma has been revised, granting Fosun Kite exclusive rights to develop, manufacture, and commercialize the cancer treatments Yescarta (axicabtagene ciloleucel) and Brexu-Cel (FKC889) in mainland China, Hong Kong, and Macau. Furthermore, Fosun Kite will undergo a rebranding, with the strategic partnership between Fosun Pharma and Kite Pharma set to continue on a licensing basis. – Flcube.com
